Are wildcard events on infrastructure systems opportunities for transformational change?

Infrastructure systems face a number of pressing challenges relating to demographics, environment, finance and governance pressures. Furthermore, infrastructure mediates the way in which everyday lives are conducted; their form and function creating a persistence of unsustainable practice and behaviour that cannot be changed even if change is desired. There is a need to find means by which this obduracy can be broken so that new, more sustainable futures can be planned. This paper develops a methodology, taking concepts from both engineering and social science. Wild cards, or physical disruptions, are used to ‘destructively test’ complex infrastructure systems and the multi-level perspective is used as a framework for analysing the resulting data. This methodology was used to examine a number of case studies, and with focus groups consisting of a range of different infrastructure providers and managers, to gain a better understanding of systems’ socio-technical characteristics and behaviours. A number of impactful ‘intervention points’ emerged that offered the opportunity to promote radical changes towards configurations of infrastructure systems that provide for ‘less’ physical infrastructure. This paper also examines the utility of wild cards as enablers of transition to these ‘less’ configurations and demonstrates how a ‘wild card scenario’ can be used to co-design infrastructure adaptation from with both infrastructure providers and users.     

Understanding the variables in planning infrastructure projects

When planning for an infrastructure renovation or expansion, hospital executives should ask five questions to guide the decision-making process: What is the best way to plan for infrastructure improvements? What funding options exist? What is the best way to manage risk? What outcomes should I expect from my investment? When complete, will my project support the intended use?     

2016年发展中国家私营部门参与基础设施投资承诺额下降——对可再生能源和东亚地区兴趣上升是基础设施投资的亮点

世界银行集团新报告称,2016年发展中国家私营部门参与基础设施项目投资承诺额急剧下降,与2015年相比骤降37%. 土耳其的投资承诺额大幅减少对同比下降影响较大, 2015年有三个超大项目接近关账,包括356亿美元的伊斯坦布尔IGA机场项目.如果不包括伊斯坦布尔机场项目,基础设施私人投资降幅为8%,《私营部门参与基础设施投资数据库》(PPI数据库)年度报告称.     

远毅资本: 专注投资健康医疗与金融技术基础设施

技术的基础设施不存在,中国就很难出现"乔布斯" 杨瑞荣先生创立远毅资本之前,是北极光创投(简称:北极光)的合伙人和兰馨亚洲投资(简称:兰馨)的投资总监,在风险投资行业13年的工作经历,特别是到北极光工作之后,他的投资注意力已集中转向健康医疗和金融技术两大行业,并发现了这两大领域的技术空白带——基础设施.为此,他于2016年创立了远毅资本,专注于投资高门槛的健康医疗和金融技术的"基础设施建设".他为远毅资本设计的投资定位得到了北极光基金的基石投资支持,目前已管理了两支基金.     

Evaluation of infrastructure planning approaches: An analogy with medicine

This paper discusses the evaluation of new infrastructure planning approaches. These new planning approaches have been put forward in response to the challenges of deep uncertainty about the future. These approaches emphasize the need for flexibility of the system in order to enable the plan to adapt to changing conditions. However, these adaptive approaches up till now have seen little real word applications. One important reason for this lack of application is that the efficacy of these approaches has not been established yet. In turn, this is largely due to the problem that there is no agreed upon method for proving the efficacy of a new planning approach. In this paper, we will draw an analogy to medical research and development in order to outline a methodology for establishing the efficacy of new planning approaches. We discuss how the well-established methodology for evaluation new medical treatments can be adapted to evaluating new planning approaches. We illustrate the resulting evaluation methodology by outlining an evaluation strategy for a specific new planning approach. It is concluded that the well-established methodology from medicine can successfully be used to inform the evaluation of infrastructure planning approaches.     

会计准则的信息含量:中国会计准则与IFRS之比较

在我国 ,对如何实现中国会计准则国际化问题一直存在不同的认识。一种观点认为 ,不应过多地考虑“国家特色” ,主张尽快全面国际化 ;另一种观点则认为在会计国际化的同时 ,应当考虑并体现会计的国家特色 ,不应片面追求国际化。那么 ,究竟应当如何解决这些争端 ,把握好借鉴国际惯例和考虑中国国情的辨证关系 ,掌握好两者之间的结合“度” ?我们认为 ,会计准则信息含量的比较研究 ,可以帮助我们进行这方面的分析。本文采用实证研究的方法 ,通过中国会计准则与国际财务报告准则 (IFRS)信息含量的比较研究 ,为哪一种会计准则对信息用户更具决策相关性提供量化证据。研究结果表明 ,按照中国会计准则提供的会计盈余数据比按照国际财务报告准则提供的盈余数据更有信息含量。因而 ,当前我国的会计准则建设仍应考虑国情 ,不应当全盘照搬国际财务报告准则     

Spatial productivity spillovers from public infrastructure: Evidence from state highways

Is public-sector infrastructure a key determinant of productivity? Traditional, project-based analyses of benefits and costs typically do not find large rates of return. Proponents of infrastructure spending instead point to regressionbased analyses of the links between private productivity and public infrastructure that imply large productivity effects from public spending. The disparity in estimated returns is often attributed to geographic spillovers in productivity benefits that are not captured by disaggregated analyses. We examine the degree to which state highways provide productivity benefits beyond the narrow confines of each state's borders. Despite the fact that state highways-especially the interstate highway system-are designed at least in part with interstate linkages in mind, we find no evidence of quantitatively important productivity spillovers.     

Buying real options - Valuing uncertainty in infrastructure planning

For the last two decades real options thinking has been heralded as a new approach for handling uncertainty in investment decisions. However, application of the approach in infrastructure investment decision-making is negligible thus far. In this contribution we address the question: what are the barriers for the implementation of the real option approach (ROA) in practice? We focus on the experiences in several infrastructure-bound sectors: spatial planning and transport, ports, and energy.We conclude that the ROA maturity levels of these different sectors are quite different, and we ascribe these differences to the political setting, the institutional setting and the organisational flexibility of the sectors and their stakeholders. We suggest that the same issues apply to other advanced, quantitative methods.     

International Accounting Standards: An Alternative Rationale

International aspects of financial reporting have begun to receive an increasing amount of attention by a range of organizations. There is a need then, to appraise critically the performance and the underlying rationale of those agencies responsible for influencing international practices. Identification and appraisal of the rationale underlying the existence of those agencies is a necessary step in determining their potential for achieving the objectives which they have been set. This paper examines the rationale behind one of these agencies, the International Accounting Standards Committee (IASC, 1977). Unlike many others, the paper does not attempt to explain why we should have an organization such as the IASC and the standards it produces. Rather, it represents an attempt to explain why we do have an organization such as the IASC. To that end, an alternative rationale is suggested for the output of the IASC, based on theories of professional selfinterest, agency, and property rights. It is argued that that rationale is likely to have significantly greater explanatory power in respect of the present output produced by the IASC than those traditionally presented.     

关于高质量会计准则的几个问题

本文回顾了五年前在美国讨论的高质量会计准则。我发现有两个主要问题需要进一步加以阐述 :第一 ,高质量会计准则与高质量财务报告的联系与区别 ;第二 ,涉及高质量会计准则制定、解释、应用和基础条件的较好步骤。本文认为 ,许多会计信息质量特征如相对性、可靠性、可比性、中立性 (公允性 )、充分披露和透明等仅仅是财务报告的质量特征而不是会计准则的质量。     

The Setting Of Accounting Standards in Australia: An Evolving Structure

The evolution of the accounting standard-setting process in Australia will bring further significant changes as we move to introduce major features of the structures existing in the United States and the United Kingdom. Those features include an independent standard-setting body, full-time board members and broad-based funding of the process. Similar structural changes can be expected in other countries which have well developed standard-setting activities, and ultimately at the level of the International Accounting Standards Committee. These changes will result from the increasing demands on the standard-setting process and the increasing accountability required by those affected by the output of the process.     

中国银行业:在变革中寻求发展

日前,安永发布了《中国上市银行2015年回顾及未来展望》报告,报告显示,中国上市银行在过去一年间资产规模小幅上涨,贷款增速持续放缓,成本收入比进一步下降,非利息收入增速回升,2016年第一季度末商业银行不良贷款较上季末有所上升,基本呈现整体可控状态.     

海外上市:规则变迁折射新阶段

中国企业海外上市始于20世纪80年代.当时,随着市场经济发展,对资本市场认识的加深,企业越来越深刻地认识到资本市场对于企业发展的重要作用,中国企业开始积极利用资本市场筹集资金,促进公司治理水平提高.但是由于中国内地资本市场当时刚刚起步,而且主要定位于配合国有企业脱困,能够在A股市场上市融资的企业数量相对于有意上市的企业数量有限,难以在A股市场融资的企业于是开始选择其他资本市场.     

境外企业价值评估准则概览之二——欧洲评估准则

一、<欧洲评估准则>简介 <欧洲评估准则>(European Valuation Standards,EVS)是由欧洲评估师联合会(TEGOVA)制定的一部适用于欧洲地区的区域性评估准则,也是当前国际评估界具有重要影响力的评估准则之一.欧洲评估师联合会和<欧洲评估准则>都与欧盟的公司法特别是会计改革紧密相关,这一点与美国<专业评估执业统一准则>形成了明显的区别.     

1亿美元贷款用于改善福建省交通基础设施

世界银行执行董事会前不久批准向中国提供一笔总额为1亿美元的贷款,用于改善福建省福州市和南台岛的交通基础设施. 福州南台城市发展项目将投资福州市南台岛的公共交通和道路基础设施建设,促进该岛环城土地的开发,进而促进福州市的发展.同时,本项目还将帮助福州市制定促进南台岛财政、社会和环境可持续发展的战略.     

基础设施需求攀升,亚行援助额创50年新高

亚洲开发银行发布的《2016年年度报告》(《年报》)指出,随着亚太地区对开发性融资和知识的需求持续增长,尤其是在基础设施方面,亚行2016年的年度援助总额超过了300亿美元,创50年来新高.     

国际财务报告准则第2号:以股份为基础的支付

目标1.本国际财务报告准则的目的是规范主体从事的以股份为基础的支付交易的财务报告.特别是,它要求主体在其损益和财务状况中反映以股份为基础的支付交易的影响,包括与授予雇员股票期权交易相关的费用.     

Structural Shifts in Credit Rating Standards

I examine the time‐series variation in corporate credit rating standards from 1985 to 2007. A divergent pattern exists between investment‐grade and speculative‐grade rating standards from 1985 to 2002 as investment‐grade standards tighten and speculative‐grade loosen. In 2002, a structural shift occurs toward more stringent ratings. Holding characteristics constant, firms experience a drop of 1.5 notches in ratings due to tightened standards from 2002 to 2007. Credit spread tests suggest that the variation in standards is not completely due to changes in the economic climate. Rating standards affect credit spreads. Loose ratings are associated with higher default rates.